• LTC has seen a surge of nearly 40% over the last five days
• Upcoming halving event might be a major reason for the spike in price

Litecoin’s value has surged as the highly anticipated halving event approaches, bringing joy to many holders who now find themselves in a profitable position. Nevertheless, this upward momentum might also signal a potential downside for the cryptocurrency’s price trajectory.

– Realistic or not, here’s LTC market cap in BTC’s terms

Litecoin’s price, MVRV hike

Over the last five days, Litecoin has seen a remarkable surge in value, soaring by nearly 40% according to its daily timeframe chart. This surge was the highest recorded in over a year, making it a significant milestone.

Litecoin was trading at approximately $110.8, although it had also seen a decline of over 2%. Despite this recent dip, however, it remained in the overbought zone and its price continued to exceed its short and long Moving Averages (yellow and blue lines).

Furthermore, the latest price spike has significantly impacted Litecoin’s 30-day Market Value to Realized Value ratio (MVRV). For instance, data from Santiment revealed that Litecoin’s MVRV stood at over 32%.

However, considering the current state of the MVRV and the positioning of the Relative Strength Index (RSI), it is plausible to expect a potential downtrend in Litecoin’s price soon.

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Author: Adewale Olarinde

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